SAN FRANCISCO, Feb. 09, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, announces the filing of a securities fraud class action lawsuit against Imprivata, Inc. (NYSE:IMPR) related to alleged misstatements about the Company’s sales trends, and alerts investors there is an April 4, 2016, lead plaintiff deadline.
If you suffered losses because of your purchases of Imprivata between July 30, 2015, and November 2, 2015, or have information that will help our continuing investigation, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing IMPR@hbsslaw.com or visiting https://www.hbsslaw.com/cases/IMPR. The lawsuit was filed in the U.S. District Court for the District of Massachusetts and investors have until April 4, 2016, to move the court to participate as a lead plaintiff.
On October 14, 2015, Imprivata issued a press release announcing its third quarter 2015 ("3Q15") financial results. Imprivata reported that its 3Q15 sales would come in at or below $29.2 million and that its losses would exceed $0.22 per share, in contrast to the revenues of over $30 million and losses of $0.20 per share that the Company predicted at the start of the Class Period. Imprivata also disclosed several negative sales trends that negatively impacted sales in 3Q15. On this news, the share price dropped more than $5 per share.
When Imprivata released its final 3Q15 results, it disclosed additional detail concerning the adverse sales trends, announced reduced fiscal 2015 guidance and disclosed that the negative sales trends would continue to diminish sales into fiscal 2016. On this news, the price of Imprivata common stock declined further, falling another approximately $2 per share.
The complaint alleges that during the Class Period, defendants violated the securities laws when they misled investors about demand for the Company's IT security offerings and its sales trends. While Imprivata common stock was overvalued and artificially inflated, certain Imprivata executives and insiders cashed in, selling more than $72 million worth of their personally held stock at fraud-inflated prices.
Whistleblowers: Persons with non-public information regarding Imprivata should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email IMPR@hbsslaw.com.
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